Rus News Journal

Professional participants of a securities market remain without Central Bank support

Professional participants of the Russian securities market will not receive access to operations of refinancing of the Central Bank of the Russian Federation. The government has stopped work on the corresponding bill, is informed in the report on a course of performance of the plan zakonoproektnoj to activity of the government of the Russian Federation.

in the autumn 2008. The state intended to develop the mechanism which would allow to admit professional participants of a securities market to refinancing of Bank of Russia with transfer to it of functions of supervision and regulation of economic indicators of professional participants. In October of the last year the vice-president of Bank of Russia Alexey Uljukaev declared that there is a discussion with FSFR about possibility of granting of the Central Bank of liquidity to professional participants. Thus, in its opinion, the Central Bank of the Russian Federation should know is better a situation with balances of professional participants, have access to their reporting. And. Uljukaev has not excluded that the last will need to address in the Central Bank of the Russian Federation for the bank licence.

the project of the federal law should be prepared by February of current year, and its entering into the State Duma was planned for March. Probably, with passage of the sharpest phase of financial crisis professional participants more optimistically and, probably, have less objectively estimated the possibilities and risks. Volatilnost in stock market has decreased, volumes of the auctions were restored, from the market has disappeared not so many players, like life would be adjusted. And when past autumn intraday decrease in quotations was measured by two-place numbers and anybody trusted nobody, when simply there was no place to occupy money, the idea to have access to refinancing in the Central Bank, let even in exchange for rigid supervision from a regulator, looked quite capable considerably to facilitate (and in some cases and to rescue) life to professional participants of a securities market. There is a risk that refusal of this idea auknetsja to participants of the auctions in the autumn of already current year when, under the forecast of some officials, it is expected the second wave .

According to the deputy chief of analytical department of the company Arbat the Capital Alexey Pavlova, the basic idea of the bill consisted in possibility of rendering of the emergency financial help to professional participants of stock market that was actual at the height of crisis as or a management company our stock market could not worry powerful sale of actives of the large broker needing means simply. so the initiative reasonable - the expert has underlined. Besides it is possible to remember, as FRS the USA in a critical situation opened a credit window to the savings and loan associations that earlier did not do. However the spoon is good by a dinner. And in a situation when the financial markets bathe in liquidity, and still recently reducing salary and the investment house personnel are increased again by compensations and expand the staff, the given bill, certainly, any more is not articles of prime necessity.

Besides, A.Pavlov believes that the Central Bank of the Russian Federation should not supervise activity of professional participants basically. Exists FSFR, and in case of need it would be more logical to necessary limits to expand power to Vladimir Milovidova`s service. Speaking about the measures, capable to help the decision of potential problems with liquidity, the expert has noted the offer to increase a minimum level of own capital of professional participants.

in opinion sorukovoditelja Yaroslav Lisovolika`s analytical department Deutsche Bank, a severe need in working out of the specified measures is not present now. Even in the conditions of lower prices for oil and renewal of decrease in stock market the regulator should do the basic accent on increase of a transparency and stability of a financial system, the expert is assured. Creation of mechanisms of granting of liquidity can lead to a problem irresponsible behaviour and also to acceptance by operators of the market of excessive risks.

operating director UK the Everest Esset Management Konstantin Demchenko has informed that to it the concrete mechanisms which use could help to give long-awaited liquidity to corporate sector are not known, therefore it is possible to do only assumptions, being based on experience of the developed countries. There use of direct transactions on refinancing of the companies at the expense of an exception of bank sector of a chain " was supposed; the liquidity centre/ a creditor bank/ the borrower . That is the Central Bank was ready to give credits directly to the companies on the security of various actives in case of inability of bank sector to carry out payments.

government cessation of work over this project, is believed by the expert, is the certificate of their quite reasonable assumption that the worst times of crisis already behind and the bank system is capable to carry out functions on carrying out of calculations between clients and to financing of their current activity. Concentration of attention on this activity now is irrelevant. Essentially an important point is development of ways of refinancing of bank system, control over quality of credit portfolios of banks and search of ways of settlement of the delayed debts that is the most difficult part. At the expense of increase in terms of credits and possible decrease in rates banks will start to lose a percentage margin (and, sometimes, the basic sum of the given out credit) and will demand cheaper centralised financing (cheap deposits cannot rescue bank sector) from Bank of Russia at the expense of a cedation of the rights of requirements under credits and grantings of other possible subjects of pledge. The problem is treated only by time, the expert is assured.

introduction of control from Bank of Russia over corporate sector would be, according to A.Demchenko, extremely hard task. Such activity is deeply not profile and will complicate all process of regulation of actually bank activity. Therefore that fact that such model has been rejected, is a small victory of reason and at all does not result in the second wave of crisis. In crisis results inability of bank system to carry out the functions, its paralysis, instead of absence of such regulation. The system of refinancing of participants of the market at several " could become the decision of potential problems with liquidity, according to the expert; basic the state banks which could use similar accepted at the corporate borrowers a subject of pledge for reception of more long-term and unconditional financing in the Central Bank.

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